The Philippines’ government bond market posted record trading volumes in 2025, signaling stronger liquidity and investor confidence, according to the Bureau of the Treasury (BTr).

The BTr on Friday said secondary market trading of government securities surged to P12.68 trillion by end-2025, nearly four times higher compared to 2015 levels and sharply rebounding from the pandemic-era low of P2.98 trillion recorded in 2022.

The improvement reflects sustained efforts to deepen the domestic capital market through regular issuance of Treasury bills and bonds and reforms aimed at improving price transparency and yield curve development.

Market activity also became more balanced across short, medium, and long-term securities, indicating broader investor participation and improved market resilience. Turnover ratios for key benchmark securities likewise strengthened, particularly for five-year, seven-year, and ten-year bonds.

National Treasurer Sharon Almanza said the results reflect the government’s long-term capital market strategy.

“The strength we are seeing in the secondary market is the clearest validation of our long-term strategy to deepen the government securities market,” she said.

“By building reliable benchmarks, modernizing market infrastructure, and working closely with our primary dealers, we are creating a market that is more liquid, transparent, and resilient, while ensuring that government financing remains efficient and that the capital market continues to support sustainable economic growth,” Almanza added.